wanhua(600309) Shanxi Securities·2025-04-18 12:32Investment Rating - The report maintains a "Buy-B" rating for Wanhua Chemical (600309.SH) [1] Core Views - The company achieved a total operating revenue of 182.07 billion yuan in 2024, representing a year-on-year increase of 3.83%. However, the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [6][8] - The polyurethane business segment showed significant contributions, while the fine chemicals and new materials business experienced rapid growth [8] - The company is expected to benefit from technological innovation and capacity upgrades, enhancing cost control and product competitiveness [13] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 1820.69 billion yuan, with a gross margin of 16.16% and a net margin of 8.12%, both showing declines compared to the previous year [6][8] - For Q1 2025, the company achieved operating revenue of 430.68 billion yuan, with a year-on-year growth of 24.96% [6] Business Segments - Revenue from the polyurethane series, petrochemical series, and fine chemicals and new materials series were 758.44 billion yuan, 725.18 billion yuan, and 282.73 billion yuan respectively, with year-on-year growth rates of 12.55%, 4.60%, and 18.61% [8] - The company’s MDI capacity was expanded from 40,000 tons/year to 80,000 tons/year in the Fujian Industrial Park, and from 120,000 tons/year to 150,000 tons/year in the Ningbo Industrial Park [9] Research and Development - The company invested 4.55 billion yuan in R&D in 2024, accounting for 2.5% of its revenue, and applied for 1,220 domestic and international patents [10] Future Outlook - The company is projected to achieve net profits of 14.97 billion yuan, 16.59 billion yuan, and 17.91 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.5, 10.4, and 9.6 [13]